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7/10/2019, 2:36 PM (Source: TeleTrader)
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Powell: Fed to act as appropriate to sustain expansion

United States Federal Reserve Chair Jerome Powell will say in his testimony to the House Financial Services Committee on Wednesday that the central bank will "act as appropriate" to maintain the current economic expansion, according to his prepared remarks.

In the remarks, Powell hinted that the Fed could cut interest rates later this month, noting that fears of a trade war and signs of a global slowdown "continue to weigh" on the country's economic outlook.

US President Donald Trump and his administration have strongly criticized the Fed for months for keeping interest rates too high despite low inflation figures. After deciding to hold rates in June, Powell remained open to the possibility of a rate cut later in the year if the Fed deems such action necessary.

Breaking the News / NP